Latvian Merito launches real estate Self Storage Fund

Riga-based investment company Merito Partners has announced the launching of a new €30 million (about $32 million) real estate Merito Self Storage Fund to develop pan-Baltic network of self storage facilities. The company also aims to secure around €50 million in bank co-financing.

• Merito Partners is a private investment company operating in Latvia and the New Nordics. The fund focuses on implementing growth capital, sustainable energy, and specialized real estate investment strategies. Earlier, it launched its Sustainable Energy FUND I with a total target size of €20 million to develop solar power plants in Latvia.
• Currently, Merito Partners has successfully raised almost €5 million in capital from over 10 Latvian investors and actively continues to fundraise. In addition, the fund plans to increase its total value to at least €10 million.
• Merito aims to acquire its first property and convert it into a self storage facility in the upcoming weeks. The average size of each self storage unit will range from 4 to 6 square meters. The network will consist of at least 10,000 units.
• Currently, the fund is negotiating acquisitions of more than five separate properties throughout the Baltics. The network of self storage facilities will be developed in Riga, Vilnius, Kaunas, and Tallinn.